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  • Japan's ruling party, the Democratic Party of Japan (DPJ), plans to lower corporate tax as part of their campaign for the upcoming election in the upper house next month.
  • Brazil and Indonesia have substantially implemented the internationally agreed tax standard for transparency and exchange of information, according to an updated OECD progress report.
  • The President of India's Income Tax Appellate Tribunal retired today after nearly seven years in office.
  • The US House of Representatives passed the American Jobs and Closing Tax Loopholes Act (HR 4213) on May 28, thereby extending dozens of business and individual tax incentives through the end of 2009.
  • The Fifth Circuit US Court of Appeals has received opening briefs from both parties in Southgate Masters Fund v US – the first distressed asset/debt tax shelter case to go to trial.
  • A final decision from the Australian Tax Office on its controversial position regarding taxation of private equity asset sales has been postponed indefinitely.
  • A Hong Kong court judgment will likely lead the Inland Revenue Department to take a firmer position in considering apportionment claims under import processing agreements.
  • The Australian Tax Office yesterday released its response to the High Court ruling in the high-profile Bamford trusts case.
  • The Indian tax authorities have filed a 761-page order to support its claim that Vodafone is liable for a multi-billion dollar tax bill following its 2007 deal with Hutchison.
  • The ECJ ruled that Spain unjustifiably restricts the free movement of capital in the EU by treating dividends paid to non-residents less favourably than those received by resident shareholders: the higher shareholding threshold for non-resident companies (20%) than resident entities (5%) before they obtain a tax exemption on dividends from Spanish companies, was discriminatory.